Owner Financing

D

drSix

Silver
Oct 13, 2013
1,323
0
36
I'm coming back... This fall!

Anyone every successfully owner financed an apartment or condo and actually been handed a title at the end of your term?

Tell me stories, good and bad. 

Also, do my terms seem in line with the norm for the North Coast?

Cost of US$125,000

10% down

5% intertest

Payments for 7 years
 
D

drSix

Silver
Oct 13, 2013
1,323
0
36
bigbird said:
tooooo funny, that sure didn't last long. Seems like it was just yesterday you left but I guess it has been close to two years?
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I knew I was coming back! Just thought it'd be three years. Nope. Hate, hate, hate winter! I left the DR a year ago March. 
 
W

william webster

Platinum
Jan 16, 2009
30,247
4,330
113
What about putting the title in escrow with a lawyer - then you know where and when to get.

Oh, and no prepayment penalty on that mtge....
when you win the lottery
 
C

ctrob

Silver
Nov 9, 2006
5,591
781
113
You'll be hard pressed to find a 10% down deal from a seller. Most owner financing deals want about 30% + for a down. And you can't really blame them. 10% just isn't worth the risk.
 
S

Seamonkey

Bronze
Oct 6, 2009
1,903
758
113
ctrob said:
You'll be hard pressed to find a 10% down deal from a seller. Most owner financing deals want about 30% + for a down. And you can't really blame them. 10% just isn't worth the risk.
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The North Coast is littered with real estate for sale....way below market value. Owners are willing to do almost anything to sell including no interest mortgages and very low down payments. Risks are very low for the seller. If the buyers fails to make payment you take the property back. I looked at a property this week and the owner wanted 20% down and hold the rest. In this type of market owners are best to get creative with their financing.
 
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